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Understanding the Process of Evaluating Your Statement of Account.

Statement of Account - Title Image


Have you ever received a paycheck or a sum of money from work, only to feel a few days or weeks later that you can’t account for your spending? You might think your bank deducted cash and be unable to reconcile your expenses with your income. After reviewing your transaction history or statement, you realise you were responsible for all the unaccounted spending.

Your statement of account or a bank statement offers the perfect financial diagnostics. It’s like having a health report for your account, empowering you to take control of your financial health. 

The statement above is not an overemphasis at all; in fact, this is how successful companies and organisations have stayed afloat. They have been able to do so by constantly monitoring their account statements to ensure that they are always in profit

What is a bank statement of account? 

A bank statement of account, often referred to as a bank statement, is a monthly financial document prepared by your bank that shows the financial activity of a bank account holder for that period. Even though most banks prepare their statement at the end of the month, customers can request their statement of account through online banking or go to the bank to obtain a printed copy if they need it at any point in time. 

Statement of Account - Review

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In summary, your account statement is healthy or tends towards healthy if, after evaluating your opening balance, deposit and withdrawal, you are not in zero. 

The analogy above does not perfectly describe your financial health, but it shows you that at the end of the month, you probably could not account for any left which could be put into savings or investments. 

Cash Inflow and Outflow

More Money or Freedom? Pros and Cons of Salary and Hourly Income. 

Salary or Hourly pay


When choosing between a salary-job and an hourly job, people usually base their choice on their personal priorities and lifestyle choices. Both choices have pros and cons that can have a big effect on your financial stability and work-life balance. Knowing the difference between salary and hourly pay can help you make a decision that fits your career goals and personal situation.  (Salary or Hourly Pay Employee).

Who earns a Salary?

An employee earning a salary, such as a marketing manager at a large corporation, enjoys the security of a fixed income, either monthly or, in some cases, yearly. This salary is paid consistently every two weeks and can also be calculated annually for a broader perspective. 

Salaried employees are often referred to as full-time employees and are continually enrolled in the company’s benefit schemes, such as health insurance, leave bonuses, and access to a dedicated working space.  

A salary earner receives the same amount each time the paycheck arrives, except the employer reviews the terms and conditions of employment. This also means that there is no hourly limit to working time. Even though most working hours will usually fall between 8:00 a.m. and 5:00 p.m., an employee is expected to be at work at all times, even if they are done with all the activities for the day or the monthly target.  

Who is an hourly employee?

An hourly employee has the flexibility to earn a wage based on the actual number of hours they spend on their assigned job/role. This freedom allows them to control their earnings, with each hour spent working contributing to their paycheck. 

Practically, if an hourly employee is to be paid 15 dollars per hour- then spending 20 hours at work in one week means that they will be paid 300 dollars at the end of that week for the job that has been done. I.e 

1 hour15 dollars
20 hours(20 hours)(15 dollars) 
Total300 dollars
Breakdown of Hourly Pay

An hourly employee might have varying paychecks depending on the hours committed to the work done. This is because the employer pays for the hours devoted to doing the work. Most employers agree with hourly employees on the maximum amount of hours they are expected to work, and demanding extra work hours will attract an additional amount to the agreed hourly pay. 

This additional amount often refers to ‘overtime pay ‘, and it is usually higher than the regular hourly rate. Most hourly employees will likely get extra dollars per hour for every overtime done and for coming to work during national and public holidays. 

An hourly employee is expected to use a timesheet or other register system to log their total hours spent during the work. This is a crucial part of the job, as it helps the employer keep track of the hours worked and ensures that the employee is paid accurately for their time. (Salary or Hourly Pay Employee).

Pros and Cons of salary and hourly pay 


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Being a graduate of a prestigious university and making a considerable income does not guarantee your financial safety. According to Parkinson’s law of spending, which states that expenses rise to meet income, people’s expenses will always increase proportionally to their income. This law validates the idea that people do not end up poor only because of the absence of money but also because of a lack of financial literacy. 

Financial literacy is the effective knowledge and understanding of using financial products, such as savings accounts, investments, and insurance, and skills, such as budgeting and debt management, to manage money and save individuals from financial unaccountability, fraud, and scams. 

To be financially literate is to have an intricate understanding of how money behaves; by doing so, you have established a life-long profitable relationship with money. Most people don’t get financially trained in college, but thanks to “Effective Business Idea,” you are about to gain the power to control your finances with a free financial education. 

The most fundamental knowledge you must acquire when working towards financial independence is the skill of budgeting. Budgeting plays a vital role in ensuring adequate money inflow and outflow, helping to increase accountability and prudence.  

What is a budget?

A budget is a planned estimate of anticipated income and expenditures for a certain period in the future, and it is created and reevaluated regularly. Everyone, from individuals to families of varying means, as well as governments and corporations, may benefit from developing and sticking to a budget.

Budgeting helps you control your monthly spending, prepare for the unexpected(rainy days), and buy luxury goods and properties without debt. Keeping a budget can be a smooth process; it doesn’t restrict you from buying what you want, but rather, it gives you the freedom to maintain a grip on your finances and a clearer picture of where your money is going.

Introduction to Budgeting

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8 Things to Avoid Spending Money On When Starting Your Catfish Farming Business: Practical Tips for Beginners

Starting a catfish farming business can be exciting and potentially lucrative, but it requires careful planning and smart financial decisions. When I began my own catfish farm, I made several costly mistakes that could have been avoided. In this post, I’ll share what I’ve learned about unnecessary catfish expenses and offer practical tips to help you succeed from the start.

Six Top Ways Artificial Inteligence Can Grow Your Small Business Enterprise 

Six Top Ways AI Can Grow Your Small Business Enterprise  cover title

Small and medium-sized businesses face many challenges as they strive to grow and stay relevant in today’s ever-changing business world. One key strategy for remaining competitive is adopting advanced technologies, with artificial intelligence (AI) standing out as a particularly important tool.

AI has become a top priority for businesses of all sizes. More than 50% of small and medium-sized businesses have already started using AI, and this number is expected to grow even more in the future. Even major companies like Amazon and Google are using AI to drive innovation and strengthen their positions in the market. We previously wrote a blog post on “Artificial Intelligence: history, impact and future expectations.

In this blog post, we’ll explore why AI has become so important and how it has the potential to completely change the way small and medium-sized businesses operate. We’ll look at real-life examples and the benefits of AI, showing why it’s not just a trendy term but a crucial tool for businesses that want to succeed in today’s digital world. 

From Polo to Profit: 6 strategic business lessons You can Learn from Ralph Lauren’s story and success of building a Luxury Custom Clothing Brand

Ralph Lauren is a popular fashion brand that has gained worldwide recognition for its classic designs, excellent craftsmanship, and commitment to luxury. He founded his brand in 1967 and has since grown into a global powerhouse. It offers various products, including clothing, accessories, fragrances, and home furnishings, and operates over 500 directly owned stores internationally. Recent annual revenue exceeds $6 billion.

Five (5)  Crucial Mistakes to Avoid as Your Business Grows in 2024

Medium shot of a business owner trying to grow his business 

Picture from freepik 

Entrepreneurs face challenges and opportunities every year, and it’s always good to be ready with the right strategies. This blog post discusses five (5) business growth mistakes business owners should try to avoid in 2024, drawing on the experiences of successful entrepreneurs and current trends. By following these strategies, you as a business owner are ready to experience business progress.

Read more: Five (5)  Crucial Mistakes to Avoid as Your Business Grows in 2024

Cement vs. Earthen Catfish Ponds: Which is Better for Your Aquaculture Business?

Cover imagery Cement vs Earthen Ponds

When I started my catfish farming business, I had to make an important decision: should I use cement or earthen ponds? At first, I chose a cement pond due to its reputation for offering a controlled environment and being durable. However, as my business grew and changed, I switched to earthen ponds. In this post, I want to share my personal experiences with both types of ponds, including practical aspects and nuances that could affect your aquaculture decisions (Cement vs. Earthen Catfish Ponds).

What is Concrete Cement Catfish Farming?

 Concrete Cement fishes inside water

Concrete cement catfish farming involves growing catfish in cement ponds instead of natural bodies of water or earthen ponds. These cement structures, often rectangular or square, are tailored to fit the size of the farming operation. The popularity of cement ponds in aquaculture is rising due to their efficiency and the increasing demand for fish protein.

Why I Settled for Cement Ponds Initially:

My journey as an entrepreneur did not begin with fishery farming. However, after running a customised sweatshirt business in school and freelancing after graduation, I turned to fish farming. My mother’s success inspired this decision in scaling her poultry farm and the achievement of a local earthen pond farmer near my house. I was encouraged by my family to venture into catfish farming and decided to construct a 500-square-meter cement pond at the front of our home.

This decision was strategic, as a cement pond was a better option for beginners in catfish farming. If there was a huge loss, our costs of setting it up would be reduced compared to renting an earthen pond. We also had the cement pond to ourselves, and it could be converted into other things. Additionally, it offered a high level of control over environmental variables such as water quality and temperature.

How well does YouTube pay?

Youtube can make you rich

How to start a YouTube channel

YouTube is a brand that Google owns; hence, to operate a YouTube account, you will need to use your current Gmail account or create a Gmail account to do that.  

  • Go straight to and sign in at the right-hand corner on the top of the page. This will request that you input your gmail account or create one.
How to sign in on YOUTUBE
  • After you have logged in to your gmail account into YouTube, the next step is to create a channel. Do this by clicking the Icon on the top right-hand corner. 
  • The next interphase allows you to create a personal or business channel. 
  • Choose a channel name, follow the relevant processes, save, and you are now a member of the YouTube creator family. 

Why start a YouTube channel?

If you are thinking of starting a YouTube channel in 2024, you are making the right decision and it is not too late for you to get on the ride. YouTube not only lets you show off your talent, but it also lets you get paid for making videos.

Renowned creator MrBeast has made news for himself after he amassed a subscriber number of over one hundred million. This is a big reason his YouTube payment is so high—millions of dollars. You can also get on the YouTube payment plan by meeting the requirements for the YouTube musician partnership. 

Channels of earning from YouTube

The YouTube Partner Programme is a comprehensive partner program that provides creators with income opportunities and assistance. In the past, the primary way YouTubers could earn was through AdSense. 

This has always been a significant discussion among people paid by YouTube. Recently, upon acceptance into the partnership program, creators can earn revenue from YouTube adverts, Super Thanks, Super Stickers, Super Chat, channel subscriptions and by selling goods to their audience. 

Once registered to the Partnership programme, you get an automated copyright flag when someone else reuploads your work and access to Creator Support staff for one-on-one assistance. By continually innovating, YouTube aims to make the Partner Programme continually beneficial and worth it for creators. 

Types of videos creators can create

YouTube was majorly known for long-form- landscape videos until the concept of shorts became popular among creators on social media sensation networks like Snapchat, TikTok, and Instagram. This made YouTube introduce YouTube shorts, and this became significant on YouTube. Today, YouTube has introduced YouTube shorts into what qualifies a creator to be a partnership programme. 

Youtube Shorts Daily Views - Start a Youtube channel

Source: Business Insider

The YouTube Partner Programme provides access to tools such as one-on-one help and the Copyright Match Tool, and it enables content creators who meet specific criteria to participate in various revenue-generating opportunities. 

Creators are developing prosperous firms that have staff members and fully functional operations. They represent a significant portion of the more than $80 billion distributed to inventors, artists, and media firms over the previous three years.YouTube Revenue and Usage Statistics (2024) – Business of Apps

How to become eligible

YouTube isn’t just handing out dollars to people for creating videos; the multibillion-dollar corporation requires that whoever gets into the partnership programme meets specific criteria to benefit from this tremendous opportunity. The requirements are called ‘Monetisation policies.’ such a creator must live in the region where the YouTube partner program is available. 

Now, content creators in the United States, the UK, Taiwan, South Korea and Canada have a faster path to being eligible for the YouTube Partner Programme. Apply to participate in the programme and unlock perks such as financing from fans and select features for YouTube Shopping if you meet the eligibility requirements listed below:

  • To qualify for this payment, creators need to have 500 subscribers, three public uploads in the last ninety days, 3,000 valid public watch hours in the previous twelve months, or 3 million public Shorts views in the previous ninety days.

Creators in other parts of the world can enjoy the benefit of the YouTube partners program when they meet the requirements below: 

  • One thousand subscribers and four thousand valid public viewing times in the preceding 12 months OR 10,000,000 valid public views of Shorts in the preceding 90 days.

Final take

All creators will go through a standard review process upon applying to ensure their channel meets our policies and guidelines. Some features may have additional eligibility criteria. In all, choosing to start a YouTube channel is not a bad decision.

Top 5 Profitable Fashion Business Ideas in 2024: Trends and Insights.

The fashion industry is a fascinating field that is full of opportunities for people who want to start their own businesses. Considering the fact that there are many different areas to explore, from eco-friendly fashion to selling clothes online, In this helpful guide, we will show you five great business ideas in the fashion industry and give you advice on how to get started. 

You will be surprised to know that the fashion industry is worth $3 trillion and employs hundreds of thousands of people worldwide. Yes, it’s a fascinating and creative field that’s all about making people look good. Social media has made fashion even more popular, and there are lots of different jobs in the industry, from designing clothes to selling them. Suppose you love clothing and want to work in a fun and exciting industry. Fashion is the perfect choice for you!

1. Online Boutique:

An online boutique is a digital store that specialises in selling unique clothing items and accessories to customers or potential customers through a website or mobile app. With the rise of e-commerce, online boutiques are booming, and the value of the online clothing business and apparel industry is expected to reach $1.2 trillion by 2025. This indicates that the demand for clothing, shoes, and other accessories is increasing all over the world, with the three largest clothing markets in the world being the United States, China, and Japan.

Anothing thing with niche-focused boutiques is that they cater to specific styles or demographics, gaining popularity because customers prefer the convenience of shopping from home. This means that customers won’t have to worry about transportation, location, or reach because everything is digital. 

E-commerce boutique owners can earn an average income of $6,013 per month.

2. Sustainable fashion brand:

As people become more aware of the impact of fashion on the environment, sustainable and ethical fashion practices are gaining popularity. Many fashion brands, from fast fashion to luxury, are adopting eco-friendly practices to keep the planet safer. This is not only good for the environment, but it’s also profitable for the fashion industry. Sustainable fashion brands that use eco-friendly materials, ethical production methods, and transparent supply chains are becoming more popular, with the sector expected to be twice the size of the fast fashion market by 2030

One such brand is Patagonia, a well-known outdoor clothing company that is leading the way in sustainability. They use sustainable materials like organic cotton, recycled polyester, and hemp, also have a programme called Worn Wear that encourages people to repair and reuse their clothes to reduce waste.

3. Fashion Consulting Services:

Aspiring fashion entrepreneurs and brands often seek guidance and expertise from fashion consultants to navigate the industry’s complexities and achieve their goals. If you have a passion for fashion and want to turn it into a career, consider becoming a fashion consultant with the average fashion consultant’s US salary ranges between $38,000 and $89,000, but this is impacted by factors such as location, education, and experience. For instance, fashion consultants earn the highest average salary in states like Massachusetts, Connecticut, Rhode Island, Oregon, and New York.

4. Custom Apparel and Alterations Business:

Customers are increasingly looking for unique and personalised clothing and accessories. This has led to a surge in demand for custom apparel businesses that specialise in offering bespoke tailoring and alteration services.

These businesses cater to customers who want their clothes to fit perfectly and have a personalised touch. They provide a range of services, from creating one-of-a-kind pieces to altering existing garments to meet the customer’s specific needs. Thanks to the growing trend of personalisation, these businesses are thriving and are expected to continue to do so in the future.

5. Fashion Influencer:

With the rise of social media, fashion influencers have become powerful tools for promoting brands and driving sales. A recent study found that fashion influencer marketing can be lucrative, with micro-influencers earning between $200 and $1,000 per sponsored post. Influencers with 500,000 or more followers can command $3,000 to $15,000 per sponsored post, and those with over one million followers may earn even more. 

Fashion bloggers and influencers with a robust online presence can monetise their platforms through brand partnerships, affiliate marketing, and sponsored content. If you’re interested in learning more about this topic, you can check out this link. The most famous fashion influencer on Instagram is Chiara Ferragni, who has over 32.4 million followers and is solely focused on her Instagram blog and clothing brands. She has also been featured in leading fashion publications. She has collaborated with some of the biggest names in fashion throughout her career and collaborated with some of them throughout her career. 


The 13 Top Fashion Influencers – Small Business Trends

We would be creating another blog post explaning further on how to get started, you can also read our recent blog post on Common Challenges You Will Face as a First-Time Entrepreneur.

In conclusion, the fashion industry offers aspiring entrepreneurs a wealth of opportunities to launch successful businesses. So consider these fashion ideas we listed in this blog post. What questions or blog ideas would you love us to write about related to the listed blog posts? Please list them in the comments section. 

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